Coldwell Banker
Commercial, NRT
LOAN APPLICATION
REQUIREMENTS:
Long Term Financing: (5 to 30
Year Terms)
The following forms need to be completed, signed and dated by each borrower, borrowing
entity and guarantor: The
forms used, are exclusive to the mortgage financial Institution,
doing business with Coldwell Banker Commercial. CB will provide all (fill out
forms, needed).
The
most important
thing to understand is that the loan approval process is 100% dependant on your
documentation.
To insure a smooth transaction, it is imperative that you have all of your
documents gathered prior to you initial loan application.
Please feel free print this screen and use this as a checklist.
ALL LOANS:
Loan application (Fannie Mae 1003 is acceptable for Apartment Loans Only)
Customer Identification Program Disclosure
Schedule of Real Estate
Uniform Environmental History
Vesting Instructions
Authorization to Release Information
Property Information Addendum
IRS Form 4506T -- Each borrowing entity/guarantor must sign a separate form.
Escrow Instructions & Purchase Agreements -- Sale
Preliminary Title Report
Copy of latest property
insurance statement, covering owned real estate (With insurance agent's name,
address and phone number)
APARTMENT LOANS
ONLY: (please include)
Apartment Rent Roll (ABSOLUTELY MUST BE SIGNED & DATED)
Operating History (previous 2 years)
(ABSOLUTELY MUST BE SIGNED & DATED)
COMMERCIAL LOANS
ONLY: (please include) Do not submit a Residential
Application for Commercial Loans
Authorization to Order UCC1 Search
Commercial Lease Summary (ABSOLUTELY MUST BE SIGNED & DATED)
Operating History (previous 2 years) (ABSOLUTELY MUST BE SIGNED & DATED)
Leases for all subject property tenants (including all attachments) FINANCIAL DOCUMENTATION REQUIREMENTS
Loan application for all borrowing entities
Copy of bank / liquidity account statements
Federal tax returns for previous 2 years for each borrowing entity/guarantor (signed and dated copy) including any K-1's and
Sub Chapter S Corporation tax returns on partnership returns representing a substantial percentage of income. (ABSOLUTELY MUST BE
SIGNED & DATED)
OTHER ITEMS REQUIRED:
Color photos of subject property (Photos may be emailed)
Copy of mortgage statement, both current and last year-end (subject property)
Borrower's or Guarantor's Resume (employment, real estate management background, etc.)
If the Borrowing entity is a Corporation, Limited Partnership, General
Partnership, Limited Liability Company or Trust, please provide:
Corporations:
Articles of Incorporation (filed with the Secretary of State)
•
Corporate By-Laws
•
Resolution to Borrow (must be specific to Lender, terms of loan, property)
•
Minutes of Meeting if the above does not authorize designated signor
Limited Partnerships/General Partnerships:
•
Partnership Agreement (must be complete and fully executed)
•
Statement of Partnerships (recorded copy)
•
LP-1 or LP-2 (filed with State and recorded with county) (as applies)
•
Agreement to Borrow (must be specific to Lender, terms of loan, property)
Limited Liability Company:
•
Membership Agreement / Operating Agreement (must be complete and fully executed)
•
Articles of Organization (must be complete and fully executed)
•
LLC-1 (filed with State and recorded with County)
•
Agreement to Borrow (must be specific to Lender, terms of loan, property)
Trust:
•
Trust Agreement and all Amendments (must be complete and fully executed)
•
Trust Certification (addressed to Lender)
Any and all documents relating to entities that comprise the borrowing entity.
Site Update: July 02, 2010